Businesses thrive or die on the account of how much they spot opportunities and use them to their advantage. Opportunities vary when it comes to
business. It could be an opportunity to innovate, new markets, or acquisition as the case may be.
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Most times,
entrepreneurs ask how they can spot opportunities. In this article, we are going to study six powerful ways to spot opportunities in your business.
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Study Industry Trends And Insights
One of the most effective ways to attract opportunities to your business is by studying industry trends. As a business person, it is advisable to stay ahead by signing up for industry publications, observing the innovations ongoing in your niche, and so on. Therefore, sign up for industry publication through your email, attend industry seminars and webinars, and follow other industry experts on various social media platforms.
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Listen To Your Potential Clients
Listening to your potential clients and understanding their needs, wants, and frustrations with your industry can give you insights into opportunities available and gaps that you can fill. Know their likes and dislikes concerning products they have used in the past and know how you can infuse innovations and create business growth for your business.
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Listen To Your Customers
Engaging your customers on how they feel about your product, business or services can give you insights into where to innovate and create opportunities. Listening to their frustrations and feedback and experience can give you insights on where to improve. You can use several digital platforms to get feedback such as Google Forms, HubSpot Customer Feedback, Survicate, etc.
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Study At Your Competitors
The fastest way to spot opportunities and create one is to study what your competitors are doing. Note where they are failing and succeeding. Fill in the gap where they are failing and innovate where they are succeeding. You can study them through industry publications on their respective websites and press releases. Studying your competitors can motivate you to innovate, apply new strategies, and work harder at expanding your market size.
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Create A Need And Market The Solution
Creating a need will entirely have to do with your ability to be creative and innovative. There are times when it seems that your product or service is perfect and there might seem to be no need for innovation, staying in business without introducing something new will in the long run decrease your opportunities. Therefore, creating a new need in your business and marketing is very necessary. For example, phone companies saw the need to invent cases for phones even though phones could be used effectively without covering.
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Seek To Bring In Complimentary Product Or Services
Study and understand your industry to know if it can be complemented with another product. For example, if you are into providing dental care by manufacturing toothpaste, you can as well expand your business by producing toothbrushes.
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This article was first published on 26th October 2021
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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